Huayi Brothers, a well-known comprehensive entertainment group on the mainland, has been exposed to court enforcement of more than 300 million yuan (RMB, same below), while the company has just reversed its loss from the past three years in the first quarter of this year.
According to a number of mainland media reports on May 10, Huayi Brothers (Tianjin) Investment Co., Ltd. was executed on May 7 for a sum of 304,464,544 yuan by the Beijing No. 2 Intermediate Court, and the executors included Huayi Brothers (Tianjin) Investment Co.
Before that, on April 27, Wang Zhongjun had been restricted from spending by the Suzhou Industrial Park Court.
And the 2020 earnings report and 2021 quarterly report released by Huayi Brothers on April 27 showed that after three years of losses, Huayi Brothers just turned a loss into a profit in the first quarter of this year.
From 2018 to 2020, Huayi Brothers’ revenue declined by 3.34%, 41.18% and 33.14%, respectively, and the net loss attributable to shareholders of the parent company was 1.169 billion yuan, 3.978 billion yuan and 1.048 billion yuan, respectively.
Until Huayi Brothers reported in the first quarter of 2021, the company achieved revenue of 397 million yuan, up 73.57% year-on-year, and net profit of 235 million yuan, up 263.62% year-on-year, turning a loss into a profit.
But by the end of the first quarter of this year, Huayi Brothers’ long- and short-term debt amounted to 3 billion yuan, and the company’s several breakout films released in the first quarter were still a drop in the bucket for the company’s debt.
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